Report: Contactless payment could wipe out chip and PIN
Contactless payment could someday replace chip and PIN cards altogether, according to squidcard.com.
David Birch of Consult Hyperion, a private consultancy based in the UK, told the Times that the increasing popularity of contactless payment could mean the eventual end of chip and PIN debit cards, just as the popularity of debit cards phased out personal checks in the last century.
Birch cites the flexibility of contactless payment, which can be incorporated into watches, phones, and even hats, makes it more appropriate for the “connected world of the future.”
Earlier this week, MWE Consulting found that debit card withdrawals at ATMs in Australia have hit a 6-year low. MWE’s managing director Mike Ebstein sees this as a sign that 2010 will be the breakout year for contactless payment, and evidence that a cashless future is closer than we think.
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